Tax cuts and measures to boost to the economy are set to be unveiled in a mini-budget on Friday.
It comes as the UK faces a cost of living crisis and the prospect of a recession.
What could be in the mini-budget?
- letting people keep more of their earnings by cutting National Insurance (NI)
- scrapping a planned increase in the amount of tax companies pay on their profits
- possible cuts to other taxes, including stamp duty which is paid on house purchases
- ending the cap on bankers’ bonuses
- tightening the rules around universal credit
- plans to boost economic growth, such as creating low-tax zones around the UK
The announcements will be made by new Chancellor Kwasi Kwarteng, who is in charge of the public finances.
The tax-cutting plans under consideration could cost at least £30bn.
What changes are expected to National Insurance?
Ms Truss has pledged to undo a recent increase in National Insurance (NI) – a tax workers pay on their…